Procter and Gamble (PG) paid an annual dividend of $1.79 in 2009. You expect PG to increase its dividends by 7.8% per year for the next five years (through 2014), and thereafter by 2.7% per year. If the appropriate equity cost of capital for Procter and Gamble is 7.5% per year, use the dividend-discount model to estimate its value per share at the end of 2009.

The price per share is___